Are you prepared for a critical illness or disability?

What would happen if you were diagnosed with a critical illness yesterday?  Are you prepared?  Could you cover all of your expenses if you were off work for six months or more due to a critical illness or disability?

There are several options for covering costs if your income is lost:

  1. Use the money in your savings account.  How long will the money you have saved sustain you?
  2. Take money from your RRSP.  You’ve worked hard to fund your retirement.  If you spend that money now, how will you support yourself after you retire?
  3. Borrow from family. If you can borrow from family, it will have to be paid back when you are back to work.
  4. Line of Credit.  This may sustain you for a short time off work, but it will have to be re-paid.
  5. Critical illness insurance pays a lump sum when you are diagnosed with a critical illness.  This money can help pay expenses related to the illness (i.e. medications), and regular bills (i.e. mortgage).
  6. Disability insurance pays a monthly amount to help cover expenses.

A critical illness can happen to anyone:

  • It is estimated there are over 70,000 heart attacks in Canada each year
  • An estimated 3,075 Canadians will be diagnosed with cancer every week

Accidents and illnesses are a fact of life:

  • 1 in 3 people, on average, will be disabled for 90 days or longer at least once before age 65
  • The average length of a disability that lasts over 90 days is 2.9 years

Doucett Insurance offers a full range of life and health insurance products, and has been serving clients in Eastern Ontario for over 30 years.  As a broker, we work with many insurers in order to obtain the product that fits our clients’ needs in the most cost-effective manner.

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